Shares in Barclays plunged over 10% after CEO Jes Staley unveiled plans to cut the bank's dividend and sell down its stake in its Africa business in his first results announcement since joining in December.
Staley also said he will move more assets into non-core assets in a restructuring programme set to reassure investors he is cutting costs and boosting capital. Q4 adjusted pre-tax profits fell 56% to £247m, according to Bloomberg, causing shares to fall 10.7% to trade 154.3p by 11.40am. Jenkins: My shock at Barclays sacking Barclays' dividend will be more than halved, cut from 6.5p for 2015 to 3p in each of 2016 and 2017, as the bank moves to preserve its financial strength. Staley also announced plans to prepare the bank for the UK ring-fencing rules being introduced in 2019, w...
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